When choosing a bank, factors such as the range of products, account features, savings rates, fees, and customer support are crucial.
TD Bank and Citibank are significant players in the banking sector. In this article, we'll examine both to assist you in determining which might better suit your financial needs.
Checking Accounts
There is no clear winner between Citibank and TD Bank when it comes to checking accounts.
Both TD Bank and Citibank offers bank accounts for different types of customers. Citi is best for premium features and perks for those who deposit high rates that you won't be able to find with TD Bank.
On the other hand, TD Bank offers a variety of options for personal customers and including special accounts for seniors and students with enhanced features.
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Account Types
Citi provides a diverse range of checking account options categorized into Everyday Banking and Premium Banking.
Everyday Banking includes Citi Access Account and Citi Regular Checking, while Premium Banking offers Citi Priority Account, Citigold Checking Account, and Citigold Private Client.
Citi Account | Monthly Fee | Avg Day Balance To Waive Fee |
|---|---|---|
Citi Access Checking | $5 | $30,000 |
Citi Regular Checking | $15 | $30,000 |
Citi Priority Account Package | $0 | $30,000 |
Citigold Account Package | $0
| $200,000 |
Citigold Private Client | $0 | $1,000,000 |
TD Bank offers various checking accounts for individuals, including for particular audiences such as students and seniors, while most accounts monthly fees can be waived:
TD Checking Account | Monthly Fee | Average Day Balance To Waive |
|---|---|---|
TD Convenience Checking Account | $15 | $100 |
TD Beyond Checking Account | $25 | $2,500 |
TD Simple Checking Account | $5.99 | Can't be waived |
TD Essential Banking | $4.95 | Can't be waived |
TD 60 Plus Checking Account | $10 | $250 |
Student Checking Account | $0 | N/A |
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Features
TD Checking Account | Main Features |
|---|---|
TD Convenience Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Beyond Checking Account | No ATM fees, 2 overdraft fees reversed, overdraft payback, interest bearing |
TD Simple Checking Account | Online banking, mobile deposit, Zelle, debit card |
TD Essential Banking | digital tools, no overdraft fees, debit card |
TD 60 Plus Checking Account | Interest bearing, free checks, money orders and paper statements |
Student Checking Account | Online banking, mobile deposit, Zelle, debit card |
All accounts can set a direct deposit easily on TD Bank app:
Citi's basic checking features include no overdraft or returned item fees, online banking, access to 65,000+ fee-free ATMs, check writing, mobile check deposits, and $0 liability for unauthorized charges.
Premium checking offers additional perks such as financial check-ups from Citi Personal Wealth Management, higher savings rates, unlimited reimbursement of non-Citi ATM fees, a dedicated team, waived online transfer fees, higher limits for deposits and withdrawals, cash back subscription rebates, and advanced wealth planning services.
Citi Account | Main Features |
|---|---|
Citi Access Checking | No Overdraft or returned item fees, online banking, 65,000+ fee-free ATMs |
Citi Regular Checking | Check writing, mobile check deposits, $0 liability for unauthorized charges |
Citi Priority Account Package | Financial check-ups from Citi wealth management, higher savings rates |
Citigold Account Package | Unlimited reimbursement of non-Citi ATM fees, waived online transfer fees
|
Citigold Private Client | Higher limits for deposits & withdrawals, cash back subscription rebates, advanced wealth planning |
Savings Accounts
Both banks offer high deposit rates, which is quite rare among traditional banks. While Citi Accelerate savings is limited for specific states, the TD's highest savings rates can be earned only if you have a significant deposit, so there is a trade-off here, and none of them is a clear winner.
TD Simple Savings has a lower interest rate and a small monthly fee. But, TD Signature Savings offers higher interest rates (0.01% – 4.00%), but you need to keep at least $100,000 in your account to get the best rate.
The Citi Accelerate Savings is a savings account that gives a high APY of (4.30%), one of the best from regular banks. PNC has a similar rate with its High Yield Savings account, but it's only for certain customers and has a competitive online rate with no needed minimum deposit.
Both banks don't have money market accounts for regular people.
TD Savings | Citi Accelerate Savings | |
|---|---|---|
Savings Rate | 0.01% – 4.00% | 4.30% |
Minimum Deposit | $0 | $0 |
Fees | $5
Can be waived if you carry $300 minimum account balance or $25+ recurring transfer
| $4.50/$10 per month
Can be waived if you maintain an average combined monthly balance of $500/$1,500 in your eligible accounts, make one enhanced direct deposit or one qualifying bill payment per statement period
|
Certificate Of Deposits (CDs)
Also when it comes to CDs, there is no clear winner. Both banks offer high rates only on promotional, special terms – Citibank is a bit better when it comes to short term CDs, while TD Bank offer higher rates on longer terms.
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Citibank CD Rates
CD Term | APY | Early Withdrawal Penalty |
|---|---|---|
3 Months | 0.05% | 90 days interest |
6 Months | 4.65% | 90 days interest |
7 Months (Featured) | 0.05% to 4.75% | 90 days interest |
9 Months | 3.75% | 90 days interest |
12 Months | 2.00% – 3.00% | 90 days interest |
12 Months – No Penalty | 0.05% | / |
18 Months | 3.75%
| 180 days interest |
24 Months | 2.00% | 180 days interest |
30 Months | 0.10% | 180 days interest |
36 Months | 2.00% | 180 days interest |
48 Months | 2.00% | 180 days interest |
60 Months | 2.00% | 180 days interest |
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TD Bank CD Rates
CD Term | APY |
|---|---|
3 Months | 1.00% – 3.00% |
6 Months | 1.00% – 5.00% |
12 Months | 1.00% – 4.50% |
18 Months | 1.00% – 4.00% |
24 Months | 1.00% – 4.00% |
36 Months | 1.00% – 3.51% |
48 Months | 0.05% |
60 Months (Step Rate CD) | 1.00% – 2.50% |
Credit Cards
Citibank is our winner when it comes to credit cards, with more options (including redemption options) compared to TD Bank.
They have cards like Citi Double Cash and Citi Custom Cash for cashback, Citi Simplicity for a long 0% intro APR, and Citi Secured to help build credit. If you love to travel, there's the Citi Premier® Card that gives points for travel, dining, and entertainment.
Citibank also has co-branded cards with partners like American Airlines, Best Buy, Costco, and more. On the other hand, TD Bank's card options are more limited, and they have fewer choices for redeeming rewards.
Card | Rewards | Bonus | Annual Fee |
| Citi® Double Cash Card | 1% – 2%
2% cash back rewards rate – 1% every time you swipe and another 1% upon payment.
| N/A
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening
| $0 |
|---|---|---|---|---|
| Citi Premier® Card | 1X – 10X
10X per dollar on hotel, car rentals and attractions booked through CitiTravel.com, 3X points on restaurant, supermarket, gas station, and air travel and other hotels purchases, and 1X points per dollar on all other purchases
| 75,000 points
75,000 bonus points after spending $4,000 in the first 3 months of account opening, redeemable for $750 in gift cards or travel rewards on thankyou.com
| $95 |
| Citi Simplicity® Card | None | None | $0 |
| Citi® Secured Mastercard® | None | None | $0 |
 | Citi Custom Cash℠ Card | 1-5%
5% cash back on your highest eligible spend category each billing cycle up to the first $500 spent and 1% cash back thereafter
| $200
$200 cash back after you spend $1,500 on purchases in the first 6 months of account opening (20,000 ThankYou® Points, which can be redeemed for $200 cash back)
| $0 |
Card | Rewards | Bonus | Annual Fee |
| TD Cash Credit Card | 1% – 3%
3% and 2% Cash Back on your choice of Spend Categories (you can switch your categories quarterly), and 1% Cash Back on all other purchases | $200
$200 Cash Back when you spend $500 within 90 days after account opening | $0 |
|---|---|---|---|---|
| TD Double Up Credit Card | 2%
2% unlimited Cash Back – no rotating Spend Categories, no caps or limits | $150
$150 Cash Back in the form of a statement credit when you spend $1,000 within the first 90 days after account opening | $0 |
| TD FlexPay Credit Card | N/A | 0% Intro APR: 18 billing cycles on balance transfers | $0 |
| TD First Class Visa Signature Credit Card | 1X – 3X
3X First Class miles on travel and dining purchases and 1X First Class miles on all other purchases | 25,000 miles
25,000 miles on $3,000 spent in first 6 cycles | $89 (waived first year) |
| TD Clear Visa Platinum Credit Card | N/A | N/A | $120 / $240 |
Lending Options For Borrowers
When it comes to lending products, Citibank offers better options for borrowers.
Both banks offer various options for home buyers through different types of mortgage programs and options for those who need personal loans. Citibank also offers auto loans that you won't find with TD.
None of these banks will have a solution for customers who need student loans, including refinancing.
Which Bank Is Our Winner?
There is no clear winner in this comparison, and actually these banks offering are quite similar. Their savings rates, including CDs are comparable, and both offer great options for checking accounts. Citibank leads when it comes to credit cards, and TD Bank options for borrowers are broader than Citi.
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Understanding Our Banking Comparison Methodology
In our thorough banking comparison, The Smart Investor team carefully reviewed and compared banks across five key categories:
Checking Accounts (30%): We examined features like direct deposit, debit card availability, monthly fees, ATM and branch access, check deposit, bill pay options, and account alerts. We also considered any special offers available to customers.
Savings Accounts and CDs (20%): Our focus was on important factors such as the Annual Percentage Yield (APY), minimum deposit requirements, account flexibility, FDIC insurance coverage, special savings offers, variety of CDs, automatic renewal options, and early withdrawal penalties.
Credit Cards (15%): We analyzed rewards programs, annual fees, introductory bonuses, travel benefits, APR, and balance transfer options offered by each bank's credit cards to provide a comprehensive comparison of available features.
Lending Options (15%): We assessed the variety of loan options provided, including personal loans, student loans, mortgages, secured loans, HELOCs, and Home Equity Loans, offering insights into the banks' lending capabilities.
Customer Experience and Bank Reputation (20%): Our evaluation included an analysis of online banking and mobile app usability and ratings, accessibility of customer support, online reviews, JD Power research, Trustpilot ratings, and overall financial stability, providing a holistic view of customer experience and reputation.
Compare Citibank Versus Other Banks
The Chase and Citi checking accounts both have no minimum deposit and a monthly account maintenance fee of $12. This can also be waived with a balance of $1,500 or more, or with qualifying deposits.
Furthermore, both have a very impressive selection of more than credit card options.
Read Full Comparison: Chase vs Citi: Which Bank Account Wins?
Capital One began as a credit card company, but it has recently expanded its banking product line. Capital One offers checking and savings accounts, children's accounts, auto finance and refinancing, in addition to an impressive selection of credit cards.
Citi offers a diverse range of banking products, including checking and savings accounts, CDs, credit card options, mortgages, personal loans, wealth management plans, IRAs, and investment options.
Read Full Comparison: Citi vs Capital One: Which Bank is Best For You?
CIT Bank has a banking product line that rivals that of traditional banks. Savings accounts, CDs, an eChecking account, home loans, and mortgages are all available. The main shortfalls in this lineup are the lack of personal loans and a credit card option.
Citibank has a credit card background, but that doesn't mean it has a limited banking product line. Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services.
Read Full Comparison: CIT Bank vs Citi: Which Bank Account Suits You Best?
The Citi checking account is a fairly standard product. The account does have a $12 monthly fee, but it is waived if you make a qualifying deposit or make a qualifying bill payment. Overdraft protection is also available, which automatically transfers funds from your savings account to avoid overdraft fees.
Because the American Express savings account has a high yield, the number of withdrawals or transfers you can make each month is limited to nine. It's also a nice touch that American Express allows you to choose paper statements if you prefer the old-fashioned way.
Read Full Comparison: American Express vs Citi: Where to Save Your Money?
Citi offers an excellent range of banking products that cover the majority of your financial needs.
Personal loans, mortgages, credit cards, investment options, IRAs, and wealth management plans are available in addition to savings and checking accounts. Barclays' product line is more streamlined. This bank offers credit cards, savings accounts, credit cards, and personal loans.
The most obvious product gap is the absence of a checking account. As a result, Barclays becomes more of a supplementary bank rather than your primary day-to-day financial institution.
Read Full Comparison: Citi vs Barclays: Which Bank Account Is Better?
Bank of America is a large banking institution, and its impressive banking product line reflects this. Aside from savings and checking accounts, there are home loans, auto loans, investment options, and a variety of credit cards. Citi also has a diverse product offering. Credit cards, CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and checking and savings accounts are all available.
As a result, if you want to switch from your current bank, either bank is a viable option because you won't have to make any compromises in terms of banking products.
Read Full Comparison: Bank of America vs Citi: Which Bank Suits You Best?
Discover began as a credit card company and has since expanded into banking services. As a result, it stands to reason that Discover would offer a diverse range of credit cards. Discover offers a simpler checking account. There are no account fees or minimum deposits, and you can earn 0.40 percent.
Citi offers home loans, personal loans, lines of credit, wealth management options, and investments, as well as everyday and premium banking services. This exemplifies Citi's viability as a viable alternative to the traditional high-street bank.
Read Full Comparison: Discover vs Citi: Compare Banking Options
Both banks offer a good selection of banking products, making it easier to switch from your current bank.
Citi offers CDs, personal loans, mortgages, IRAs, investment options, wealth management plans, and a variety of credit card options in addition to checking and savings accounts.
Wells Fargo provides savings and checking accounts, but it also provides mortgages, loans, and investment options such as IRAs, 401ks, and wealth management products.
Read Full Comparison: Citi vs Wells Fargo: Which Bank Account Is Better?
While U.S. Bank offers some better conditions when it comes to lending options, Citibank is our winner in this comparison. Here's why.
Citibank is our winner due to its checking account options, various credit cards, and better savings account rates than Truist Bank.
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Compare TD Bank
Chase has some innovative features with the potential for comparable CD rates without TD Bank’s minimum deposit. However, there is little to separate the checking accounts, TD Bank’s savings rate is double that of Chase.
Chase does offer more credit card choices, but don’t rule out TD Bank, which has some interesting options.
We'll explore Bank Of America and TD Bank savings accounts, checking accounts, CDs, credit cards, and lending products. Here's our winner.
There is no clear winner when comparing Wells Fargo and TD bank, but if we have to pick, TD comes out ahead.
TD Bank is our winner with better banking products compared to M&T, but there are cases when M&T wins. See our complete comparison
Both Truist and TD Bank are active in a variety of states, such as Florida, Georgia, North And South Carolina, and more. Here's our winner:
Capital One is our winner as it offers a full banking package, which is better than TD Bank, especially if you have deposit needs. Here's why.
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While TD offers a better selection of checking accounts and lending options, Amex is a great option for online banking. How do they compare?
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